Solar Innovator Enecsys secures $10m in series A venture capital
Pan-European venture capital specialist Wellington Partners led a $10m Series A round in micro-inverter company Enecsys Ltd.
Enecsys, a University of Cambridge of spin-out, has developed high performance micro-inverters to be deployed in harsh external environments next to solar PV modules.
Such Enecsys enabled solar systems harvest more energy at a lower cost resulting in savings up to 25% over conventional systems. The company will use the new investment to accelerate commercialisation of its unique technology and to intensify marketing.
Wellington was joined in the investment by BankInvest New Energy Solutions, a venture capital fund located in Copenhagen.
Enecsys CEO Paul Engle said: "Enecsys has developed a unique micro-inverter with unprecedented lifetime and performance.
"This enables a powerful solution easy to plan and install, provides performance optimisation and monitoring for each module and allows solar systems to be adapted to a wider range of potential installations.
"Such ‘plug and play' highly flexible solar systems will be decisive for achieving mass penetration of solar, in particular within the residential and small scale commercial sector.
"This is a huge improvement over today's conventional hard-to-handle DC PV modules with their short lifetime string inverters. Thanks to the Series A round, we are now well equipped to take advantage of our technology leadership and capture an attractive and growing market."
Enecsys is a portfolio company of Cambridge Enterprise Ltd, the University of Cambridge's commercialisation arm.
